That is my thought also. I have a picture of what looks like a radiator underneath the regulator.
From everything I can decipher, that bauble hanging below the rectifier is a small oil cooler. The following touring models DO NOT have twin cooling:
Road King and RK Special
Street Glide and SG Special
Road Glide and RG Special
Electra Glide Ultra
CVO Street Glide and Road Glide
Freewheeler
Funny that twin cooling was the bees knees a few years ago and now only a handful of touring bikes remain. Ultra Limited, Ultra Limited Low, Road Glide Ultra (all 107 M8's) and the CVO Limited (the only 117 M8 twin cooled). Maybe that little experiment is going the way of the dodo....